HIGHLAND HEIGHTS, Ky. — General Cable Corporation (NYSE: BGC) reported results for the second quarter ended June 28, 2013.
Adjusted operating income was above management’s expectations for the second quarter as pricing held up better than anticipated in a declining metal cost environment and the Company’s Europe and Mediterranean businesses performed relatively stronger. Adjusted operating income, including acquisitions, improved 83% sequentially.
Excluding certain items, adjusted earnings per share of $0.69 and adjusted operating income of $84.5 million were stronger than anticipated. For the second quarter, reported operating income was $71.8 million and reported earnings per share were $0.24. A reconciliation of adjusted earnings per share to reported earnings per share and adjusted operating income to reported operating income is included on page 4 of this press release.
General Cable repurchased $19.0 million, or about 1% of common shares during the second quarter under the terms of the Company’s $125 million Share Repurchase Program and initiated a quarterly dividend at $0.18 per share.Tagged with tED